23/02/2018 06:14 AST

Saudi Arabia is in the final stage of evaluation for being upgraded under emerging markets by MSCI (Morgan Stanley Capital International) index, its regional chief said in Abu Dhabi.

MSCI has three main elements of classification before it can upgrade Saudi Arabia from frontier to emerging markets.

“There are three main elements to the classification. The first one is those changes in the rules have to be taken or made, second thing is those are put into practice and the third thing is how are those changes happening in practice so literally can we test the rules and how long do we need to test the rules before we are happy to those changes on paper are working in practice. So the third element is what we are in the process of doing it right now, “said Robert Ansari, Executive Director and Head of Middle East, MSCI.

He said whatever Saudi has to do on paper has been done and currently MSCI is talking to investors for feedback. “We are in the mode of getting feedback from investors and they would know in June this year.”

Asked whether the ability of the Saudi stock market to absorb the mega Aramco IPO is a factor in MSCIs decision, he said, “It’s not a factor. Aramco and MSCI are independent of one another.”

Saudi Arabia has outlined plans to divest five per cent of the Saudi Aramco in 2018 with the aim of raising around $100 billion. Talking about the challenges to upgrade Saudi as an emerging market, he said, “The main challenge is the fact that the market is closed for foreign investors. In a very short space of time, a complete overhaul of the entire capital market framework needs to be done primarily for the purposes of advancing the markets.”

Ansari made the comments while speaking at MENA Investors Congress in Abu Dhabi on Thursday.


Gulf News

Ticker Price Volume
QNBK 175.00 523,282
APPC 52.90 122,149
WALAA 23.80 86,614
MEDGULF 13.74 487,685
SAICO 12.06 119,886
ALMARAI 47.70 158,494
JABALOMAR 39.75 452,141

TASI 7,768.31 38.66 (0.50%)

Market
P/E
Price/BookValue
Dividend Yield (%)
Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
SABIC 120.60 1.20 (1.00%)
STC 82.20 0.30 (0.36%)
RJHI 83.20 0.10 (0.12%)
NCB 42.75 0.55 (1.30%)
SECO 16.24 0.04 (0.24%)
Oman share index ends lower

20/09/2018

The MSM30 index ended lower on Wednesday and closed at 4,485.06 points, down by 0.24 per cent. MSM Sharia Index closed at 622.01 points, down by 0.06 per cent. Bank Muscat was the most active in term

Times of Oman

Trade values shrink on UAE bourses, indices nearly flat

20/09/2018

Trade values dwindled on the UAE’s stock markets, with the main indices ending nearly flat on Wednesday amid a lack of catalysts to drive any strong trading activity.

The Dubai Financial Ma

Gulf News

Kuwait bourse extends losses as volume soars

20/09/2018

Kuwait stocks slipped into red on Wednesday extending the losses to third straight session. The All Shares Index dropped 10.78 points in choppy session to 5118.62 points dragged by heavyweights even

Arab Times

Oman share index ends lower

19/09/2018

The MSM30 index ended lower on Tuesday and closed at 4,495.69 points, down by 0.45 per cent. MSM Sharia Index closed at 622.37 points, down by 0.03 per cent. Bank Muscat was the most active in terms

Times of Oman

UAE stocks end lower as sentiment remains sour

19/09/2018

The UAE’s main stocks indices ended lower on Tuesday, albeit marginally, as sentiment remained sour amid concerns about emerging market stocks and currencies as well as trade tariffs.

The D

Gulf News